Santa Cruz allows foreign-owned firm to buy land in protected Magallanes Peninsula
Governor Claudio Vidal signed a one-time exception to a 2017 ban, enabling a Dubai-linked company to purchase property for an eco-tourism project near Perito Moreno Glacier.
KEY POINTS
- Decree 915/26 permits a one-time exception to the 2017 ban on foreign land ownership in protected areas.
- Buyer ASB Hospitality Calafate SAU is wholly owned by a Dubai-based entity formed two months prior.
- The land is located in Península de Magallanes, facing Perito Moreno Glacier.
- Project "Master Plan Ecocentro" includes 24 eco-cabins and three hiking trails.
- Local business, tourism, and environmental groups oppose development in the pristine area.
Santa Cruz Governor Claudio Vidal signed Decree 915/26 on September 1, authorizing the sale of a parcel inside the Península de Magallanes protected area to ASB Hospitality Calafate SAU. The decree grants a one-time exception to a 2017 provincial law that bars foreign ownership of land in protected zones.
The buyer, ASB Hospitality Calafate SAU, was incorporated on July 27, 2026, with a capital of 30 million pesos. Its sole shareholder is ASB Hospitality LLC, a company registered in Dubai, United Arab Emirates, which belongs to the Albwardy Investment group.
“The exception is granted "for a single time and with strictly exceptional character" and cannot be used as a precedent.”
The transaction involves current owner Lacustre del Sud S.A. and is explicitly tied to the "Master Plan Ecocentro" tourism project. Plans include 24 eco-cabins and three low-difficulty hiking trails on the property facing Perito Moreno Glacier.
The decision sparked controversy in El Calafate among business, tourism, and environmental sectors. These groups have historically opposed development in the area to keep the ecosystem in its original state.
Albwardy Investment operates luxury hotels under brands such as Four Seasons, Hyatt, and Meliá. In Argentina, the group already owns the Four Seasons Hotel Buenos Aires and the Gran Meliá Iguazú inside Iguazú National Park.
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